JD Martin
Pre-paid rent - taxable in the year accepted or year applied?
Good afternoon all!Before I do my taxes, I have a unit in which one of the tenants (a college student, parent paying) prepaid their rent for the first 6 months of 2016 in late December. Should I claim the income based...
Account Closed
IRS Change - Form 3115 (Application for Change in Accounting Method)
I just received an email from my accountant that basically stated the IRS has made some sort of change that will require investors to file a Form 3115 or they may be subject to a higher taxable income due to less dedu...
Oskar Beckmann
Help! BRRRR Question????
Hello, I was recently watching one of BP's videos on the BRRRR strategy and had a question about one specific aspect of this strategy.How is it that a property produces income and cash flow during the acquisition face...
Keith Schulz
Where is your local market headed? Has it turned the corner?
I'm just curious what peoples thoughts are about local markets around the country. Share your markets status or predictions. In the Madison, WI area, I think we've past the bottom and we'll see some improvement in pri...
Lisa Marie
Home office reimbursement for LLC members (taxed as partnership)
Hi, my husband and I are the only two members of an LLC (partnership status for tax purpose). The LLC owns a property outside the state where we live. We have a dedicated office in our primary home that we use exclu...
Mike H.
1st Post - income tax rental house/s depreciation
Hi BP!First post here. I'm a long time lurker. This community is really cool. My background... I grew up in Gainesville, FL. I worked my way through college and realized with my income I could buy a house. I boug...
Shahrouz S.
Refinance on a Residential Assisted Living
I have a renovated house in Arizona suited for residential assisted living (RAL). I was told I cannot do a conventional CASH OUT refinance once I lease it to an operator of RAL since lenders do not lend if you run a b...
Nick E.
Tax Questions - First Rental Property Closing early 2017
Hello BP Community,I think I know the answers to the following questions, but I wanted to verify with the BP community:Background: I have spent the last few months researching, visiting, and placing offers on properti...
Jim Kittridge
[Calc Review] NOI calculation is off?
I can't figure out why the NOI figure shows $15k. Unless I am missing something, iAm I doing something wrong?Purchasing the property for $110,000 with hard money (13% & 2 points) and then doing a rate term refi (p...
Victor Omoniyi
Can bonus depreciation be claimed the next year after an asset is placed in service?
If I purchased and placed a property in service in 2023 and I have no need for the bonus depreciation on my 2023 taxes, can I claim bonus depreciation on the property for 2024 taxes? If yes, what would I need to do?